The Vermont Railway (reporting mark VTR) is a shortline railroad in Vermont and eastern New York, operating much of the former Rutland Railway. It is the main part of the Vermont Rail System, which also owns the Green Mountain Railroad, the Rutland's branch to Bellows Falls. The trackage is owned by the Vermont Agency of Transportation except in New York, where VTR operates a line owned by the Boston and Maine Corporation.

The Rutland Railway was the only north-south line through western Vermont. A strike shut it down on September 25, 1961. The Government of Vermont purchased the main line south of Burlington, as well as a branch to Bennington, 128.6 miles (207.0 km) total, and the new Vermont Railway, incorporated on Oct. 25, 1963, began operations on January 6, 1964. The company's first president was Jay Wulfson, who came from the Middletown and New Jersey Railroad.

In 1997, the Vermont Railway purchased the Green Mountain Railroad, which ran 52.2 miles (84.0 km) from Rutland to Bellows Falls. This led to the formation of an umbrella company, named the Vermont Rail System, which owned both railroads, as well as several other shortlines in Vermont and New York.

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In 1924 Stephan Schaffan, Sr. founded the Atlas Tool Company in Newark, New Jersey. In 1933 his son, Stephan Schaffan, Jr., came to work for his father at the age of sixteen. Steve Jr. built model airplanes as a hobby and frequented a local hobby shop. Being an enterprising young man, he would often ask the owner if there was anything he could do to earn some extra spending money. Tired of listening to his requests, the hobby-store owner threw some model railroad track parts his way and said, "Here, see if you can improve on this".

In those days, railroad modelers had to assemble and build everything from scratch. Steve Jr. created a "switch kit" which sold so well, that the entire family worked on them in the basement at night, while doing business as usual in the machine shop during the day.

Subsequently, Steve Jr. engineered the stapling of rail to fiber track, along with inventing the first practical rail joiner and pre-assembled turnouts and flexible track. All of these products, and more, helped to popularize model railroading and assisted in the creation of a mass-market hobby. The budding entrepreneur quickly outgrew the limitations of a basement and small garage operation. Realizing they could actually make a living selling track and related products, Steve and his father had the first factory built in Hillside, New Jersey at 413 Florence Avenue in 1947. On September 30, 1949, the Atlas Tool Company was officially incorporated as a New Jersey company.

In 1985, Steve was honored posthumously for his inventions by the Model Railroad Industry Association and was inducted into the Model Railroad Industry Hall of Fame in Baltimore, Maryland. In addition, Steve was nominated and entered into the National Model Railroad Association Pioneers of Model Railroading in 1995.